Made my decision.... American Central Transport (ACT) it is

When the Nay Sayers use terms like "flease operator" and lump all into one heap...they just have a new, but worn out catch phrase to throw out thinking there being studious for the readers.

Also it chuckles me when others opine what a truck & the cost of financing "should" be in their book. Just shows they usually have no real sense of the cost to do business.

When you hear those that say you "can't." It's only the echo in themselves telling you their limitations...not yours.

Remember business is not spending everything you generate....it's saving enough to utilize budgeting with real data in setting goals. With the cash your generating on good weeks you could put enough back to offset bad weeks. As well as having a fund set up to "buy" another truck if this lease & opportunity go south.

Also hire a trucking accountant & incorporate. The little money you invest in this professional advise in guiding you towards getting a handle on your taxes, will help you succeed faster building personal wealth.

There's no luck...because you make your own, as well as your curses. Keep us posted. A very interesting thread.

 

I can tell you that I'd rather sit home than work all week for a $200 or $500 settlement check...but you can't, I guess, when you have WEEKLY payments to make.

If you could pay by the month one bad week wouldn't hurt you because you have three more to make up for it... but you get a few WEEKS behind on these L/P deals and you're gone...

If your note is due the first of the month it's easier than if it's due the first, the seventh, the 14th, etc. plus, with weekly payments, you are shelling out more $$$ in payments than if you were on a monthly deal.

 

Interest is interest right? Whats the difference if you pay $2200 a month or $550 a week??

 

52 weeks in a year means you make 4 extra payments as opposed to paying once per month you only make 12 payments.

Pretty tough to dig yourself out of a hole when you have that truck payment coming out every week on top of the trucks fixed expenses.

Most 3rd party lease deals have much lower payments as well. 4 to 5 grand down and your payments will be around 1200 to 1600 per month.

Best part about a 3rd party lease is the truck can be moved to another carrier without having to give it up.

 

Well good luck with the third party lease if you can get . I offered 10,000 down with loan mountain said no. my debt is zero . but i have no credit i always payn cash for everything. So that third party stuff doesnt always work.

 

Just because 1 finance company turned you down doesn't mean you should give up. Look around at some other truck sales lots. Not sure if Arrow Trucks will be any better but its worth a shot.

Another truck dealer in Southern Pa boasts "no cash needed, low payments, e-z credit" on their billboard beside I81. The place is called Truck Discount Mart. At least its free to check their website.

 

Didn't read the whole thread, but gotta tell ya that what ya wrote is absolutely spot-on! Hope the others read it & think.
R.

 

Hmmmm.... it seems to me that if you know so little about the trucking business that you are asking people in a forum or WORSE the guy selling you the lease about whether leasing is for you or not you may not be ready yet. I don't know anything about trucking, but big companies don't "offer" aggressively things that are to the company's benefit: if OWNING the trucks was the BEST deal... trucking companies would have LOBBYISTS in Congress making L/O and O/O illegal....TODAY...for "safety" of course!

 

Allow me to dispel the idea that you should incorporate. As a one truck owner,& operator of said truck, incorporating offers no liability protection. Therefore it would be a waste of money to incorporate. The only possible advantage could be in possible tax savings, but only if you exceed a certain profit margin over the course of several years & project to maintain said profit margin. The last info I had on such a profit margin it was $65k.

 

Did you LLC yourself or with a lawyer?